Difference in process: Sanchay Post and CBS
Finacle – Major issues
Issues
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Process in Sanchay Post
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Process in Finacle
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1. A/c Open
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A/c opening with CIF
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No Customer
Information File (CIF) concept in Sanchay Post.
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CIF has to be created
for every depositor. On migration, CIF is created for each depositor or
guardian
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Funding of accounts
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Deposit is accepted at
the time of A/c opening and purchase of certificates.
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Deposit is called
Funding. Account can be funded either at the time of opening or after
opening.
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2. Cash Certificate
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Issue of certificate
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1. Certificates are
issued against new registration No.
2. On issue of
certificate stock is reduced & certificate No. comes.
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1. On migration,
account is created for each certificate. One account is opened against each
certificate. Under one Registration No. 25 A/cs (certificates) can be opened
/ issued.
2. Stock is linked to
printing of certificate. User has to invoke the menu of printing a
certificate to issue certificate & get certificate Number. Then the stock
gets reduced.
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Certificate transfer /
Name change
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For Certificate
transfer from one person to another or single to joint or joint to single,
old certificate is to be discharged and new certificate is to be issued.
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CIF is to be created
for new depositor and then CIF of earlier depositor is to be suspended. New
CIF is to be attached to the existing certificate. On the physical
certificate, name of old customer is to be rounded and new customer to be
added. In case of single to joint, name of new customer is to be added on the
existing certificate.
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NC4a issue
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If certificates are
not in stock, NC4a receipt is issued from Sanchay Post and amount is
accounted against certificate issue. Later, certificates are issued on
receipt of stock against this NC4a receipt.
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Receipt from NC4(a)
has to be issued indicating denominations selected in A/c opening
(denomination selected cannot be changed later). An account is opened against
each certificate and Counter PA has to enter the NC4(a) receipt number in the
relevant field. On of stock, the Counter PA has to print certificates against
account created under NC4(a).
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3. Cheque
Transaction
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Cheque clearance
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Cheques are entered
against A/c Nos. and for new A/cs marking as New Account against A/c No.
Lists are printed at SOs and sent to HO with cheques. In HO, cheques of SOs
and HO are entered in Sanchay Post and combined list is handed over to
Treasurer along with cheque for clearing. After clearance, HO Counter makes
accounts of his own cheques, accounts for SO cheques as Part-II and sends
intimation to SO under part-III for posting in SO ledger.
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Cheque clearance is
totally different from Sanchay Post. It has a full-fledged Cheque Clearing
Module. Cheque for Savings A/cs, can be lodged/entered against the relevant
account. Cheques for other schemes are to be lodged against specified Office
Account.
Till CSI, comes, the
cheque clearance will be handled by the Treasurer as earlier. Treasurer will
be handed over two lists, i.e one of Sanchay Post and another of
Finacle.Posting of cheques lodged in Finacle will be done in Finacle at HPO
level.
When SOs will come in
Finacle, there will be no need to send any intimation to SO for posting. In
case of new accounts, SO can see the credit happen in Office Account of HO
and can open and fund/make deposit in account from the office account putting
date of credit as value date.
Once CSI comes, the
clearing house activities will be handled by Treasurer by using Finacle CBS
cheque clearing module.
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Account opening
through cheque
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Account opened through
cheques can be opened and credited by selecting the cheque details from the
list of cheques cleared in Sanchay Post.
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Cheques of other Banks
cannot be lodged against the scheme or account number. These are to be lodged
in Office A/c. On receipt of credit, the account can be funded /deposited by
debiting/withdrawing amount from that Office A/c.
While opening new
accounts, cheque details to be filled in Remarks field so that the same comes
in remarks column of LOT.
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Subsequent deposits
through cheque in RD & PPF A/cs
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These cheques can be
lodged/entered against the RD and PPF accounts and on receipt of clearance,
deposit can be given by just selecting the relevant cheque number from the
list.
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Cheques have to be
lodged against designated Office Account and on clearance, each and every
deposit is to be made in the relevant RD and PPF account by debiting relevant
office account. There are chances of mistakes and the procedure is time
consuming also.
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4. Death
Claim
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Death Claim closure
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The Counter PA has to
enter date of death and all other calculations are done by the Sanchay Post
system.
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Different processes
are followed for different death claim cases. CIF of the deceased has to be
suspended.
In case, nominee or
legal heir wants to continue account, his/her CIF has to be created and
existing account has to be attached with new CIF.
All the nominees or
legal heirs have to come together to claim amount as there is no provision to
keep the amount in the account for the nominee or legal heir who does not
claim along with other one.
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5.
Inventory
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Inventory process
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Inventory process is
for local office and maintained for Cheque, KVP/NSC & Passbook with
facility to enter invoice number details.
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There is no provision
for Passbook inventory. Process of inventory of certificates and cheque books
is also different.
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6. Office
A/c
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Maintenance of Office
accounts
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There is no concept of
Office Accounts as it is based on Single Entry system.
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It is based on Double
Entry Accounting system. Every entry has two legs i.e Debit/withdrawal and
Credit/Deposit. Many Office Accounts have been opened for taking care of the
second leg of posting. LOTs are also printed based on the second leg of
posting and General Ledger Balances/Scheme-wise Balances in an office are
also created with the second leg of posting. Some of the Office Accounts are
to be operated by Counter P.As and Supervisors and some are maintained by the
System itself.
Many of these accounts
have to be watched by SBCO or Postmaster or Division/Region/Circle/DAP
Offices in the shape of reports.
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7. RD
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RD agent portal
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There is a provision
to attach RD Accounts with an identified MPKBY Agent and when agent presents
List (LOT), amount of List can be accepted pending its posting. Amount of all
such Lists are reflected in RD LOT and posting against pending LOTs can be
done at a later date with date of presentation of List as date of deposit.
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There is no provision
to accept RD List (LOT) without posting at the counter. Once account is
attached to the agent (migrated from Sanchay Post or opened in Finacle),
deposit cannot be accepted at the counter in that account unless depositor
gives in writing to cancel the attachment with agent.
For bulk acceptance of
RD deposits from MPKBY Agents, an Agent Portal has been developed which can
be accessed through DOP website using internet.
All MPKBY agents are
allotted Login ID and Password to operate Agent Portal. On login into Agent
Portal, all live RD accounts attached with the agent are visible to the
agent. Agent can select the installment month and default fee or rebate will
be calculated by the system. MPKBY Agent can prepare List (LOT)s in three
different modes i.e cash with limit of Rs.10,000/-, by POSB Cheque and by
other Bank Cheque. One MPKBY Agent list should contain maximum 50 A/cs.
System generates one
reference number on the printed List (LOT). On presenting the list, Counter
PA enters the reference number and compares the entries in the printed LOT
and does the needful. System once again validates the entries and accepts the
deposits. If any deposit is rejected, Counter PA can print the revised LOT
and return the excess money to agent. Counter PA will save the transaction
posted and then Supervisor has to validate the posting. In case of other Bank
cheques, no posting is done until clearance of cheque. On credit receipt, the
List can be accepted for posting by debiting that Office Account.
There is no provision
to keep the posting of RD pending. Agent commission automatically gets
credited into Agent’s Savings account after deducting the TDS. All entries of
all agent LOTs will be printed in the Counter LOT. Therefore, it is advised
that only one counter should be identified for accepting agent LOTs.
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8. Savings
A/cs
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Savings /NSS /PPF A/c
closure
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Savings A/c closure,
all calculations of closing interest are done by the software.
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The balance is to be
made Zero by withdrawal. Then closing interest to be viewed, if required to
be calculated. Closing interest has to be seen by going through transaction
details or by invoking print report. Supervisor while authorizing closure is
not able to see any amount.
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9. Specimen
Signature
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Shifting of signature scanning
and other related work to CPC.
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Signatures are scanned
at the Post Office counter. There is no provision of signature scanning in
SOSB and also no provision for photo scanning in Sanchay Post.
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Earlier Process: ECMS
document scanning and storage system was implemented. Counter PA has to take
additional signatures on the perforated slip of new Account Opening Form
(AOF) and paste the same in SS Book after tearing from AOF. AOF with KYC
documents was sent to CPC daily. At CPC, AOF & KYC documents were matched
and on acceptance, these were scanned in ECMS and uploaded into Finacle Core.
The scanned images were available in ECMS and CBS Finacle both and any CBS
post office is able to view. Photo and signature were separately stored &
available in the shape of an icon called “SVS” for Finacle withdrawal and
closure screens. Physical documents are sent back to concerned Post Office by
CPC along with rejected documents showing the objection for rectification.
Post Office will get the rectification done and resubmit the documents with
AOF to CPC.
Process from 1st April
2015: New simplified 1 Page (back to back) Account Opening/Purchase of
Certificates Application Form (AOF) is to be used. The new customer has also
to fill (for one time), KYC Form in duplicate and put photo and signature on
the same. AOF, KYC Form (one copy) and KYC documents (New / existing customer
& returned from CPC) should be preserved at Post Offices in A4 size Ring
Binder date-wise. One copy of “KYC Form” is to be sent to CPC for scanning.
At CPC, photo and signatures are attached with CIF & account level. “KYC
Form” received at CPC will be preserved at CPC.
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10. Term
Deposits
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Payment of interest in
MIS,TD, SCSS etc.
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1. Interest is
credited into the MIS/TD/SCSS Accounts and also paid from the A/cs.
2. Interest is
credited to the customer’s Savings A/c on written request called Standing
Instruction (SI) – Auto transfer.
3. Interest is paid
for the day of account opening and not for the day of closure.
4. Rounding off was
being done every quarter / month as the case may be, to the higher side of a
rupee if interest is in 50 paisa or more.
5. Interest is
calculated equally for every month.
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1. Interest is not
credited to the MIS/TD and SCSS A/cs. Interest of these accounts is calculated
and credited into specific office Sundry A/cs. Interest is also has to be
paid from the Sundry Account.
2. Interest is
credited to customer’s Savings A/c on due date automatically on specifying
the repayment A/c. It is desired that all such customers should be requested
to open Savings A/c and link as repayment A/c.
3. Interest is not
paid for the day of account opening and is paid for the day of closure. Total
interest in both the cases will be same.
When account is opened
in Sanchay Post and closed in Finacle, one day’s interest will be paid extra.
Therefore, this extra interest is being deducted in Finacle during first
payment after migration.
4. Finacle adjusts
rounding off every quarter/month to restrict total interest to the actual
rate of interest. Therefore, any extra interest already paid in Sanchay Post
due to higher rounding off is also deducted during interest credit of first
quarter/month after migration.
5. Interest is
calculating on basis of number of days in a month from the date of opening of
account. That is why the interest amount differs from month to month /
quarter to quarter.
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11.
Transfer of A/c
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Transfers between
finacle and non finacle offices
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There is a provision
to transfer any account to any post office and it generates Advice of
Transfer along with Transfer journals.
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The account transfer
in / out can be done among CBS post office only. There is no need to generate
any AT or Transfer Journals or do the pairing. Only, the post office, after
satisfying the genuineness of depositor, has to change the home SOL(post
Office) of the account and account will be transferred on the spot. A report
can be generated showing accounts transferred from one SOL to another in all
CBS post offices. Only PPF & SCSS can be transferred between CBS & non-CBS
Post Offices.
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